PayPal, the US-based payments giant, announced yesterday that the company has increased its weekly cryptocurrency purchase limits in the US for eligible customers. PayPal clients can now purchase up to $100,000 worth of cryptocurrency assets.
According to an official press release from PayPal, there will be no annual purchase limit on cryptocurrencies. The financial services provider aims to facilitate its clients in the buying process of cryptocurrency assets on its platform.
PayPal is a California-based online payments platform. In 2020, the company announced support for cryptocurrency assets and enabled crypto transactions. Since the start of 2021, PayPal’s crypto volume has surged significantly due to a substantial rise in demand for digital currencies.
Commenting on the latest increased crypto purchase limit, Jose Fernandez da Ponte, VP & GM, Blockchain, Crypto and Digital Currencies at PayPal, said: “Since launching our cryptocurrency capabilities in the U.S. in October 2020, we have been actively engaging with our customers to better understand their needs to help ensure we are providing a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency.”
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“As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit. These changes will enable our customers to have more choice and flexibility in purchasing crypto on our platform,” Ponte added.
During a recent interview with TIME Magazine, PayPal CEO, Dan Schulman said that the demand for cryptocurrency assets surpassed the company’s expectations. Moreover, Schulman predicted a significant decline in the use of cash and mentioned that Bitcoin and other digital currencies can take advantage of the situation.
In its latest quarterly report, PayPal reported a payment volume of $285 billion. Furthermore, the company added nearly 14.5 million net new active accounts during the first three months of 2021.